USD/CNH may rise 82 - 116 pips

7.2619 is our pivot point.

Our preference

Rebound towards 7.2781.

Alternative scenario

The downside breakout of 7.2619 would call for 7.2562 and 7.2528.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 7.2719 and 7.2810).

Supports and resistances

7.2849 **

7.2815 *

7.2781 **

7.2747

7.2665 last

7.2642

7.2619 **

7.2562 *

7.2528 **

Number of asterisks represents the strength of support and resistance levels.